In recent years the financial services industry has been subject to ever-changing regulations, this is due in part to the emergence of RegTech as well as the need for constant re-evaluation of the industry as a whole.
There has been a spike in interest in RegTech and particular attention is being paid to how it has and will continue to help businesses, particularly with regards to solutions, automation and digitisation. RegTech produces technological solutions to regulatory problems, and for firms that wish to remain compliant it is becoming a must have.
According to Accenture, 89% of top-level management in the financial services industry believe that there will be an extended increase in costs with regards to their compliance procedures in the coming years. The rapid growth of RegTech will allow firms to remain compliant now, and in the future.
RegTech, and it’s counterpart FinTech, have become vital resources allowing organisations not only to become more compliant, but to break new ground with technology such as AI, predictive analytics and machine learning.
For those working within the ROCA fields (risk, operations, compliance, audit) RegTech has proved to be a saving grace and has created a completely new way of working. ROCA experts know the implications regulations have in terms of creating financial stability, and in turn ensuring reputational integrity. As the financial services industry faces future challenges, a dynamic force like RegTech will be imperative to the future and success of many businesses in this sector.
Read the full story on global Banking & Finance Review:
It's a perfect storm. The financial services industry faces a deluge of regulatory changes that cause it to constantly evolve and re-evaluate. While at the same time, the operational and technological infrastructure of many firms is not conducive to embedding these new requirements nor working in a rapidly evolving regulatory environment.
on demand webinar
what is regtech?
Recent years have seen the rise of regulatory technology, or RegTech, solutions designed to help companies meet the expectations of increasingly complex regulations applied to the financial and professional services sectors. In this free 25 minute webinar, we take a look at the background to RegTech, how it impacts business today, and where we can expect it to go in the coming years.